Forrester report identifies key mobile banking features by 2027

Forrester has released a report identifying essential mobile banking features that should be implemented by 2027 to meet rising customer expectations.

Based on a financial services survey conducted in 2024, Forrester has outlined several key mobile banking offerings that emerging customer necessities will dictate. Among these features, fraud management tools were noted as a top priority, with 77% of respondents indicating their importance in mobile banking applications. The majority of these users rated fraud prevention as the most critical tool within their banking app.

Security remains a significant concern for many users, with the survey findings highlighting the ongoing demand for robust security-related content and functionality that provides reassurance to mobile banking clients. Customers expressed an interest in receiving security alerts, suggesting that banks need to focus on security to maintain customer trust.

The management of personal data is another important feature, as customers increasingly desire the capability to view, monitor, and understand how their personal and financial data is being used. In urban areas of India, personal data management tools were considered invaluable.

Ensuring accessibility for mobile banking apps is critical to engaging a broader customer base. The need for apps that accommodate various abilities extends beyond regulatory compliance and represents an opportunity for banks to improve customer inclusion and engagement.

Credit-building and debt management tools were also noted as crucial offerings such as these have been rated highly in usefulness by over 60% of respondents in countries like Australia, metropolitan China, metropolitan India, and the US. These tools are seen as critical for customers' financial wellbeing.

Forrester identified digital-native cards as a feature that should allow instant, dynamic, and simplified use across different ecosystems. Virtual and numberless cards provide increased value and security to clients, with fintechs currently outperforming traditional financial institutions in this regard. Traditional banks will need to catch up quickly to maintain competitive advantage.

Subscription management tools represent another area where demand is growing. As clients, particularly millennials and Gen Z, manage an ever-increasing number of subscriptions, having an integrated tool in their banking app to monitor, manage, and cancel subscriptions was highlighted as advantageous in markets such as Australia, China, and India.

Autonomous finance products have also garnered positive feedback, with autonomous budgeting and savings tools appreciated for their practicality. Such tools are valued for their capability to transfer money to savings accounts automatically and to generate budgets without user input.

Peter Wannemacher, Forrester's Principal Analyst, stated: "Bank executives and their teams face rising customer expectations, evolving needs and behaviours, and new competitive threats – and mobile experiences are at the centre of it all. Competitive pressures are also on the rise as disruptors roll out new capabilities and new value propositions that threaten traditional banks' relevance and future growth. In the next three years, any bank looking to compete on digital experiences must consider the top emerging must-have features on their mobile apps."